kscarbel2

I'm seeing the real Pence for the first time. His direct, professional and calm demeanor as chair of the Coronavirus taskforce is impressing me. https://www.npr.org/2020/03/18/815350278/transcript-nprs-full-interview-with-vice-president-pence

“The healthy and optimistic among us will doom the vulnerable,” Landon said. She acknowledged that restrictions like a shelter-in-place may end up feeling “extreme” and “anticlimactic” — and that’s the point. “It’s really hard to feel like you’re saving the world when you’re watching Netflix from your couch. But if we do this right, nothing happens. A successful shelter-in-place means you’re going to feel like it was all for nothing, and you’d be right: Because nothing means that nothing happened to your family. And that’s what we’re going for here.” Emily Landon, chief infectious disease epidemiologist at University of Chicago Medicine .

When things sour, everyone has their hand out. U.S. airlines called on Friday for a government stimulus package. They want the US taxpayer to cover their payroll for around 750,000 jobs. In return for ownership, in return for shares so the country can profit when their stocks return to normal levels, I might agree. United Airlines CEO Oscar Munoz and President Scott Kirby both said that they will suspend their salaries, b ut NOT for the year.......only thru the end of June. Munoz has a $10 million annual salary, and Kirby $5.5 million. Absurd salaries at any time. Southwest Airlines CEO Gary Kelly has volunteered to take a whopping (sarcasm) 10% pay cut. He has a $7.6 million salary. Delta Airlines CEO Ed Bastian, who earns a ridiculous $14.9 million annually, has cut his salary 100% for 6 months. I would think the airline could meet payroll with that $7.45 million savings. No sound from American Airlines CEO Doug Parker who earns $12 million annually. Ups and downs are part of the airline business. One's business model should, to some degree, allow for that. Airlines can't simply take and take, and then ask for free money (subsidies) in a downturn.

What irritated me deeply during yesterday's noon White House press briefing were several reporters who were basically being troublemakers (pricks if you like), which distracted from a good discussion on the latest developments. We have a serious situation before us, and Trump is handling it in a serious matter. These reporters were rude to the President, and likewise disrespectful to the American people. If these time-wasting reporters would rather be distractions so as to get 2 minutes of spotlight, rather than be part of the solution, they should be banned from the White House. I agree with President Trump that these individuals are "terrible reporters". They need to get with the program.

President Trump said on Thursday that spring breakers enjoying the sand and surf on Florida's beaches, in defiance his closures and warnings to avoid crowds, "don't realize that they could be carrying lots of bad things home to their grandmother and grandfather and even their parents". .

Ford is one of America's powerful families. They have money that is publicly visible, and money that isn't.

I myself think this thread is great. Really like his ex-Navy Ford F-900 6x6 tandem.

"We’re also working collaboratively with Canada and Mexico to take decisive joint action regarding individuals seeking entry between our ports of entry. The CDC order directs the Department to suspend the introduction of all individuals seeking to enter the U.S. without proper travel documentation. That’s for both the northern and southern border. The CDC Director has determined that the introduction and spread of the coronavirus and the Department’s Border Patrol stations and detention facilities presents a serious danger to migrants, our frontline agents and officers, and the American people. So it’s important to note that the Department [of Homeland Security] currently apprehends foreign nationals from over 120 different countries around the world — the vast majority of those having coronavirus cases. Many of these individuals arrive with little or no identity, travel, or medical documentation, making public health risk determinations all but impossible. It’s also important to note that the outbreak on our southern border would likely increase the strain on health systems in our border communities, taking away important and lifesaving resources from American citizens. Tonight — again, at midnight — we will execute the CDC order by immediately returning individuals arriving without documentation to Canada, Mexico, as well as a number of other countries without delay." .

At today's daily White House press conference, the head of the Department of Homeland Security (DHS) announced that ALL illegal immigrants will be stopped and deported, so as to reduce the spread of the Coronavirus.

The US government today has moved the federal tax deadline back from April 15th to July 15th.

Two US senators sold shares after receiving virus briefing Financial Times / March 20, 2020 Two Republican senators offloaded millions of dollars in stock shortly before the US markets crashed in response to the coronavirus pandemic. Richard Burr, the Republican chairman of the Senate intelligence committee, and his wife sold up to $1.7 million worth of shares on February 13, according to congressional disclosures. Kelly Loeffler, a former Intercontinental Exchange executive who joined the Senate this year, sold as much as $3.1 million of stock over three weeks until February 14, congressional records show. The transactions were recorded as joint sales with her husband, Jeffrey Sprecher, the chairman and CEO of Intercontinental Exchange, which operates the New York Stock Exchange. The sales meant both senators avoided significant losses on the disposed stock when US equity markets began crashing after February 20 as the global economy slowed in response to the coronavirus pandemic.

US drugmaker doubled price on potential coronavirus treatment Financial Times / March 19, 2020 The only US drugmaker that makes a potential treatment for the coronavirus that was touted by President Donald Trump raised the price by almost 100 percent in January, as the virus caused havoc across China. Rising Pharmaceuticals, a New Jersey based company, increased the price of chloroquine — an antimalarial, which is one of the drugs that is being tested against Covid-19 — on January 23. The drug price rose 97.86 per cent to $7.66 per 250mg pill and $19.88 per 500mg pill. But Rising alleges the price rise was “coincidental” and it restored the old price once it realized that the drug might be in demand because of the outbreak. The reversal of the price lift has not yet shown through in the data. One executive claims the company had originally increased the price because it wanted to be able to invest in new manufacturing facilities to keep the drug on the market. “As soon as we saw the increase in demand and the potential that this was going to be utilized in the way some folks are projecting it to be, we rescinded that price increase to the same price it has been on the market for since 2015,” he said. Studies have shown encouraging results, including one in France released on Wednesday that chloroquine had accelerated recoveries and reduced how long patients were contagious. Michael Rea, chief executive of RxSavings Solutions, which provides software for employers to lower their drug bills, said: “Hiking drug prices at such a pivotal time in world history will not play well in the market for any companies partaking in that activity long term.” In December 2019, Rising Pharmaceuticals admitted price fixing in a case in Pennsylvania and agreed to pay $3m in fines and restitution. The executive speaking on behalf of the company said it is not promoting the drug as a treatment for coronavirus. But Rising received five times as many orders as usual in the last week and it is ramping up production in India to meet demand, purchasing “extraordinary amounts” of more active ingredients, bottles and labels.

Ford’s Suspended Dividend Tests Family’s Patience With Hackett Bloomberg / March 19, 2020 Ford Motor Co.’s Chief Executive Officer Jim Hackett was already under pressure before the coronavirus pandemic upended economies worldwide. But after suspending the dividend payment that management had said was sacrosanct, he’s now testing the faith of the founding family that has supported him. Executive Chairman Bill Ford has not been shy about stressing the importance of the stock and dividend to his clan. “Most of our net worth is tied up in the company,” he said at Ford’s 2017 annual shareholders meeting. A year later, he joked about his family’s keen interest in the dividend when reading a question from an investor. “Why is the company so stingy with paying dividends?” Ford read during the webcast shareholder meeting. He quipped: “Was that sent in by a member of the Ford family?” But now, with the automaker halting production at its North American factories after shutting plants in Europe earlier this week, Hackett said he has no choice but to conserve cash and offset a financial hit one analyst estimates will cost the company $1 billion in earnings before interest and taxes. “While we obviously didn’t foresee the coronavirus pandemic, we have maintained a strong balance sheet and ample liquidity so that we could weather economic uncertainty and continue to invest in our future,” Hackett said in a statement. Bunker Mode To give the company financial breathing room and keep important new model launches rolling, the automaker also is fully drawing down $15.4 billion from two credit lines and retracting earnings guidance it had given investors on Feb. 4. “They maxed out their credit line, so they have well over $30 billion in cash now and that is a massive hoard,” said David Whiston, an analyst with Morningstar in Chicago. “That, along with the dividend suspension, basically puts Ford in lockdown mode. They’re going into their bunker.” The unprecedented circumstances should buy Hackett some time and patience from the Ford family, which derived annual income of tens of millions a year from the 15-cent quarterly payout. While all common shareholders receive the dividend, the progeny of Henry Ford hold a special class of stock that gives them 40% voting control of the company. Ford last suspended its dividend in 2006 before reinstating it five years later. That included a period when U.S. auto sales plunged to 10.4 million in 2009. Stock Under Pressure When Ford restored the payout, management pledged it had re-engineered the company so it could maintain the dividend through the next downturn. “Ford has said many times, even before Hackett became CEO, that the dividend would be safe if sales went back to ‘09 levels,” Whiston said. “And even the lowest projections as of mid-March are not for ’09 levels in 2020.” The dividend reversal puts even more pressure on Hackett, who has faced questions from Wall Street about his job security. Ford shares fell as much as 8.9% shortly after the start of regular trading. The stock, which as of early this month had fallen further under Hackett than his predecessor, closed Wednesday at the lowest since April 2009. Hackett, 64, took the steps to bulk up on cash hours before Ford planned to halt output at all North American factories through March 30 for deep cleaning. The shutdown will cost the company $1 billion in lost earnings before interest and taxes, Michael Ward, an analyst at Benchmark Co., estimated in a note to clients on Thursday. Ford will lose the equivalent of 140,000 vehicles worth of production during the 11-day shutdown, or about $5.3 billion of revenue, he wrote. Ward lowered earnings estimates for the carmaker, which he rates a hold. Analysts have speculated in the wake of the virus that factory closings and the global slowdown of vehicle purchases probably would force Ford management’s hand. Then-CFO Bob Shanks said in August 2018 that reports the dividend was at risk were “baseless.” “The dividend’s been a legendary value creator at Ford,” Hackett said Feb. 4. “I want to continue that, because we said we could do it, and right now we can.” Joseph Spak, an analyst at RBC Capital Markets, predicted a dividend cut last week, writing in a report that the $2.4 billion annual cost of the payments would be too much of a burden for a company that’s repeatedly come up short with its earnings and just issued a disappointing profit forecast for the year. Heir Apparent In an effort to change that negative dynamic, Hackett recently shook up management by appointing Jim Farley chief operating officer and gave him a mandate to accelerate an $11 billion restructuring. But credit-ratings companies have raised concerns about the efficacy of those efforts, with Moody’s Investors Service downgrading Ford to junk and S&P Global Ratings cutting the company to the lowest rung of investment grade rating last year. Ford’s board of directors last week cemented Farley’s status as heir apparent to Hackett by disclosing it had arranged a $2.5 million stock award for the 57-year-old if he is not named the next CEO. Bill Ford and his family have stood by Hackett through setbacks and struggles. And now they’re likely hoping this dividend suspension is short-lived. “I would not be shocked if the dividend comes back as soon as this year,” Morningstar’s Whiston said. “But that’s certainly not a base-case expectation because we just don’t have visibility on anything in U.S. autos.”

So far, Navistar is only acknowledging "The new manufacturing plant will have the flexibility to build Class 6-8 vehicles".

When maintained properly, they worked. But "Q" style brakes never required extra maintenance effort (and today's disc brakes beat "Q" brakes all-around).

Ford Trucks Spain / March 18, 2020 As we all unite to fight the global Coronavirus, the work performed by carriers and their drivers is more essential than ever. Thank you for your efforts. And please take all precautions to stay healthy and safe. ,

Ford Motor Company has withdrawn its 2020 financial guidance, and has suspended its dividend to preserve cash. Ford plans to fully draw on credit lines, providing $15.4 billion of additional cash on its balance sheet.

Illinois Authorizes 88,000-pound Trucks Assisting with Emergency Response/Relief Heavy Duty Trucking (HDT) / March 17, 2020 In an effort to support emergency relief efforts in response to the coronavirus outbreak, Illinois is allowing 88,000 pounds (or an additional 10% above legal loads on fewer axles) for trucks assisting with emergency relief. The emergency declaration applies to loads not exceeding 14 feet in width and 100 feet in length, and movements are authorized 24 hours a day, seven days per week, until April 12. Truck drivers must ensure that they are carrying a copy of the IDOT Declaration, the Presidential Declaration, and a bill of lading. There is no fee associated with the authorization, and trucking companies must review Obstructions and Restrictions at www.gettingaroundillinois.com and obey all structure postings and any size or weight restrictions. Fleets can also view a copy of the governor's order here. For a full list of all emergency declarations for Illinois and across the country, go to www.iltrucking.org and click on the red banner at the top of the website. Other State Actions for Trucking Relief: Illinois is not the only state providing additional regulatory exemptions for trucks transporting coronavirus relief supplies. Among others are: Michigan: Will exempt motor carriers and drivers providing direct assistance in support of relief efforts related to the COVID-19 outbreaks from seasonal weight restrictions. Direct assistance according to MDOT means transportation and other relief services provided by a motor carrier or its driver to the immediate restoration of essential services, such as medical care, or essential supplies such as food, related to COVID-19 outbreaks during the emergency. Missouri: On March 15 announced an allowance for heavier-than-normal truckloads of supplies and equipment to travel on Missouri highways in the direct effort to prevent, contain, mitigate and treat the effects of the COVID-19 virus. The waiver allows private and for-hire motor carriers to haul up to 10% more than their licensed weight on Missouri highways and remains in effect through April 30. Ohio: Hours of service rules have been suspended for motor carriers providing intrastate transportation of relief supplies — including consumer goods and medical supplies — as part of the Coronavirus/COVID-19 response. “Unless otherwise directed, drivers must keep a written or electronic copy of this notice in each vehicle affected by this grant of regulatory relief. This regulatory relief will not apply to vehicles that do not have a copy of this notice.” Texas: Suspended three sets of statutes, subject to federal law and DMV safety limitations: The oversize and overweight permitting requirements under Transportation Code, Chapters 621 through 623, as well as Title 43, Chapter 219 of the Texas Administrative Code, for all divisible and non-divisible vehicles and loads; The International Registration Plan (IRP) vehicle registration under Transportation Code § 502.091 and 43 Tex. Admin. Code § 217.56, as long as the vehicle is registered in one of the 48 contiguous states of the United States; and The 72-hour and 144-hour temporary registration permits under Transportation Code § 502.094 and 43 Tex. Admin. Code § 217.40(b)(3), as long as the vehicle is registered in one of the states of the United States.

Heavy Duty Trucking (HDT) / March 18, 2020 Eaton Cummins Automated Transmission Technologies is expanding its Endurant automated transmission lineup with the introduction of the all-new Endurant XD series. These are purpose-built, high-performance automated transmissions designed for on-highway applications with high gross combined weight ratings, such as double and triple trailer trucks, and severe-duty on/off highway applications like dump and logging trucks. The Endurant XD series has torque and horsepower capacity to cover all Class 8 North American engines, the company said, including the Cummins X15. “The DNA of the Endurant platform is efficiency, light weight and low cost of ownership,” said Charles Masters, general manager, Eaton Cummins Automated Transmission Technologies. “We’ve taken that DNA and added the durability and unique features that customers demand from trucks operating in severe heavy haul and vocational applications to create the Endurant XD series.” The Endurant XD series is currently going through an extensive development testing program that puts the transmission through evaluations under extreme conditions. The Endurant XD series has 18 forward speeds, making it highly versatile and allowing it to be used in many applications and driving scenarios. It is designed for ease of use, with low-speed maneuverability, up to six reverse gears, and optimized software that makes smart shift decisions in difficult conditions. The Endurant XD series features provisions for bottom 8-bolt and rear 4-bolt high-capacity power take-offs, and a transmission oil cooler provision is available when required. Endurant XD transmissions will be available starting in 2021. .

Reuters / March 18, 2020 Pressure is growing in Washington for the U.S. Federal Reserve to use its emergency powers to lend directly to businesses hurt by the coronavirus. The U.S. Treasury, senior bankers, the U.S. Chamber of Commerce, and some senior senators want the central bank to make broader use of its powers under Section 13(3) of the Federal Reserve Act to provide credit directly to businesses under “unusual and exigent” circumstances. On Tuesday, the Fed used that authority to resurrect a pair of 2008 financial crisis-era programs aimed at boosting liquidity for the two dozen banks that transact directly with the Fed and to unclog a short-term funding market essential to large corporations. But those programs do not get funds directly to small businesses, a lynchpin of the U.S. economy. Bolstering this sector is seen as critical at a time that measures taken to contain the virus outbreak have started forcing closures of enterprises ranging from corner bodegas and restaurants to fashion boutiques and health spas. Policymakers are wrestling with unprecedented issues, including which type of businesses the Fed could lend to and at what rate, what collateral the Fed would need in return, what extra conditions it should impose on the loans, and how the Treasury would backstop the risk. Any such plan would have to be approved by the Treasury, which would also have to guarantee the loans because the Fed is not allowed to take on such large credit risk. The Treasury had indicated a willingness to do this. Aspects of such a facility may also require approval from Congress, and some lawmakers may be reluctant to hand so much power to the Fed, an independent agency. In recent interviews, Treasury secretary Steven Mnuchin has said he wants to see the Fed’s powers expanded by Congress after they were curtailed following the financial crisis. In a news conference on Sunday night after the Fed slashed interest rates to near zero and announced new bond purchases, Fed chair Jerome Powell said he felt the central bank’s existing authority was adequate, and asking Congress for new powers “is not something we’re actively considering right now…I think we do have plenty of space to adjust our policy.” The Fed is reluctant to become a direct lender to large portions of the economy, preferring to focus on providing liquidity to the financial system and leave fiscal stimulus measures to Congress instead. Members of the Treasury Borrowing Advisory Committee (TBAC), which regularly talks with the administration on market issues, have discussed ways in which the Fed can use its emergency power to support smaller businesses in phone calls over the past week. Some TBAC members are concerned that securing needed approvals could take weeks, while measures are required immediately to support the economy. But they believe there was already enough momentum on Capitol Hill for measures to be approved in days, adding that Congress had been able to move swiftly to adopt fiscal measures after the terrorist attacks of 9/11. With liquidity rapidly drying up in short-term funding markets, the Fed has taken a raft of measures over the past week to ease the strain, including urging banks to use its discount window and providing cash through the commercial paper markets. Those interventions lead the U.S. markets to briefly rebound 6% on Tuesday, but with markets falling again 8% on Wednesday, investors, bankers and lobbyists said the Fed may need to take further steps to ease liquidity strain.

Congresswoman Katie Porter can be my lawyer anytime. The people responsible for health in the US appear clueless. I suspect they know far more then they're sharing with the public, and it's not good news. . .

Nobody hated Rockwell's "Stopmaster" wedge-type brakes back in the 1970's and 1980's more than me. Nobody. However, the modern European wedge brakes actually work well. Solid performance, lower cost and lighter weight wheel ends.

U.S. Virus Plan Anticipates 18-Month Pandemic and Widespread Shortages The New York Times / March 17, 2020 WASHINGTON — A federal government plan to combat the coronavirus warned policymakers last week that a pandemic “will last 18 months or longer” and could include “multiple waves,” resulting in widespread shortages that would strain consumers and the nation’s health care system. The 100-page plan, dated Friday, the same day President Trump declared a national emergency, laid out a grim prognosis for the spread of the virus and outlined a response that would activate agencies across the government and potentially employ special presidential powers to mobilize the private sector. Among the “additional key federal decisions” listed among the options for Mr. Trump was invoking the Defense Production Act (DPA) of 1950, a Korean War-era law that authorizes a president to take extraordinary action to force American industry to ramp up production of critical equipment and supplies such as ventilators, respirators and protective gear for health care workers. “Shortages of products may occur, impacting health care, emergency services, and other elements of critical infrastructure,” the plan warned. “This includes potentially critical shortages of diagnostics, medical supplies (including PPE and pharmaceuticals), and staffing in some locations.” P.P.E. refers to personal protective equipment. The plan continued: “State and local governments, as well as critical infrastructure and communications channels, will be stressed and potentially less reliable. These stresses may also increase the challenges of getting updated messages and coordinating guidance to these jurisdictions directly.” The plan was marked “For Official Use Only // Not For Public Distribution or Release.” Much of the plan is bureaucratic in nature, describing coordination among agencies and actions that in some cases have already been taken, like urging schools to close and large events to be canceled. But its discussion of the Defense Production Act came as lawmakers and others urged Mr. Trump to invoke its powers. President Trump said on Tuesday that he was not ready to invoke the Defense Production Act. “We’re able to do that if we have to. Right now, we haven’t had to, but it’s certainly ready. If I want it, we can do it very quickly. We’ve studied it very closely over two weeks ago, actually. We’ll make that decision pretty quickly if we need it. We hope we don’t need it. It’s a big step.” Passed in 1950 shortly after American troops went to war defending South Korea against an invasion from North Korea, the Defense Production Act was based on powers used during World War II and authorized the president to require businesses to prioritize and accept contracts necessary for national defense. Over the years, its scope has been expanded to include domestic preparedness and national emergencies. A president can make direct loans or loan guarantees and purchase commitments, subsidies or other incentives to influence industry to help in times of crisis. Other key decisions outlined as options for the president include distributing medical supplies and equipment from the Strategic National Stockpile, providing money to states to help them meet demands caused by the coronavirus outbreak and prioritizing the distribution of essential resources to focus on areas most in need. “The spread and severity of Covid-19 will be difficult to forecast and characterize,” the government plan said. It warned of “significant shortages for government, private sector, and individual U.S. consumers.”

U.S. stock-index futures trigger ‘limit-down’ rule. How the stock market “circuit breakers” work A fall of 7% for the S&P 500 index once markets open would trigger a separate circuit-breaker rule that pauses market-wide stock trading for 15 minutes. If the S&P 500 were to extend a fall to 13% on the day in the regular stock market session once trading resumes after a 7% halt, it would trigger another 15-minute halt. However, trading wouldn’t stop if the decline occurred after 3:25 p.m. A 20% drop in the S&P 500 would trigger what’s known as a level three circuit breaker, which would stop trading for the remainder of the session.